Net sales, EPS and dividend proposal were in line with consensus (LSEG) in Q4 but EBIT margin was below consensus expectation in Q4. Also full year 2024 revenue growth guidance midpoint of -5% looked a bit weak. However, full year EBIT guidance midpoint indicates a 7% EBIT margin for this year which is above consensus and Nordea’s forecasts. The strongest positive momentum in Q4 was in Energy & Cleantech segment where net sales was up by 22% y/y. Net cash flow from operations was even EUR 35m in Q4. Overall, the situation looks good and the company's long-term EBIT margin target could even be upgraded to 8% (7%) in its strategy update at the next CMD, i.e. as early as 5 March.
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